fit city 24 Ontario, or NNN single-tenant asset on main arterial in ontario, or 1294 SW 4th Ave, Ontario, OR 97914

Transcription

1 fit city 24 Ontario, OR Ontario, or NNN single-tenant asset on main arterial in ontario, or 1294 SW 4th Ave, Ontario, OR 97914

2 Fit city 24 PRICE: $595,000 CAP: 9.30% Fit City 24 is a net-leased single tenant asset with a nine-year tenure at the Property. The Premises are 100% occupied by the Tenant via multiple expansions, and benefits from a successful multi-unit operator with 20 years of industry experience. The Property is well-positioned on a highly visible hard corner exposed to 18,000+ vehicles per day. Fit City 24 is directly responsible for the building s roof and structure. LEASABLE SF... ±7,200 SF PRICE PER SF... $83 LAND AREA... ±26,010 SF LEASE TYPE NNN* YEAR BUILT PARKING... ±32 Spaces or 4.4/1,000 SF (Estimated) *Tenant is responsible for all interior and exterior maintenance, repair and replacement (including building structure and roof), and reimburses taxes and insurance to Landlord. ADDRESS: 1294 SW 4th Ave, Ontario, OR FIT CITY 24 - ONTARIO 2

3 Investment Highlights > FIT CITY 24 IS OWNED AND MANAGED BY A SUCCESSFULL THREE-UNIT OPERATOR WITH 20 YEARS OF INDUSTRY EXPERIENCE. > RECENT FOUR-YEAR RENEWAL EXECUTED BY TENANT. > LONG HISTORICAL TENANCY OF 11 YEARS UPON LEASE EXPIRATION. > UPSIDE POTENTIAL THROUGH CONSTRUCTION ORIGINALLY DESIGNED AS THREE SUITES. > NNN LEASE STRUCTURE PROVIDES LIMITED LANDLORD RESPONSIBILITIES. > ALL ROOF REPAIR AND REPLACEMENT IS RESPONSIBILITY OF TENANT. > SCHEDULED RENT GROWTH OF 3% IN THE NEAR TERM AND AT OPTION. > HIGHLY VISIBLE HARD CORNER LOCATION EXPOSED TO 18,000+ VEHICLES PER DAY. > AFFLUENT CLOSE-IN RESIDENTIAL BASE WITH AVERAGE ANNUAL INCOMES NEARING $84,000 WITHIN A ONE-MILE RADIUS. > NEARBY RETAILERS AND TREASURE VALLEY COMMUNITY COLLEGE (ENROLLMENT: 2,559) PROVIDE INCREASED DRAW TO THE TRADE AREA. > LOCATED WITHIN SALES TAX-FREE STATE. FIT CITY 24 - ONTARIO 3

4 Retail Aerial ONTARIO RETAIL Albertsons AutoZone Bi-Mart Burger King Denny s Dutch Bros. Coffee Home Depot Jack in the Box JoAnn Fabrics KFC McDonald s O Reilly Auto Parts Panda Express Papa Murphy s Pizza Hut Red Apple Market Rite Aid Salvation Army Tractor Supply Walgreens Walmart Supercenter Washington Federal WinCo Foods 201 7,800 DAILY 84 13,700 DAILY FIT CITY 24 15,100 DAILY N Oregon St 84 W Idaho Ave SW 4th Ave 18,800 DAILY 201 COMING SOON 84

5 Local Retail Aerial FIT CITY 24 18,800 DAILY SW 4th Ave Sunset Dr COMING SOON Alameda Dr

6 ALAMEDA DR Site Plan SW 4TH AVE 18,800 DAILY SITE PLAN KEY PARCEL OUTLINE: LAND AREA: BUILDING AREA: FIT CITY 24: NOT A PART: INGRESS/EGRESS: ±26,010 SF ±7,200 SF Site plan not to scale FIT CITY 24 - ONTARIO 6

7 Financial Summary PRICE $595,000 Capitalization Rate: 9.30% Price Per Foot: 7,200 Square Feet $83 NET OPERATING INCOME SUMMARY SCHEDULED INCOME Per SF Scheduled Rent: 10/1/2017 $7.67 $55,200 Equals: Effective Gross Income $7.67 $55,200 Less: OPERATING EXPENSES Per SF CAMS NNN Property Taxes NNN Insurance NNN Total Operating Expenses NNN - Equals: NET OPERATING INCOME $55,200 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. FIT CITY 24 - ONTARIO 7

8 Rent Roll TENANT INFO TERM RENT SUMMARY Tenant Name Size Date Monthly Rent Percent Increase Annual Rent PSF Cap Rate Fit City 24 7,200 11/1/2013 $4,600 $55,200 $ % 11/1/2018 $4, % $56,856 $ % Occupancy Date : 10/1/2009 Lease Expiration : 10/31/2020 Lease Notes Option 1 11/1/2020 $4, % $57,996 $ % Comments: NNN Lease - In addition to reimbursing taxes and insurance, Tenant is directly responsible for all utilities, interior maintenance, repair, and replacement (including building roof and structure). Tenant has one, two-year option to be exercised with 90 day's notice. Current Totals: 7,200 $4,600 $55,200 $ % This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. FIT CITY 24 - ONTARIO 8

9 Lease Abstract PREMISES/TERM TENANT World Fitness, LLC dba Fit City 24 SQUARE FEET 7,200 SF LEASE TYPE NNN LEASE COMMENCEMENT 10/1/2009 LEASE EXPIRATION DATE 10/31/2020 OPTIONS One, two-year option; 90 Day s Notice BASE RENT 11/1/ /31/2018: $4,600/Month $55,200/Annually 11/1/ /31/2020: $4,738/Month $56,856/Annually OPTION RENT 11/1/ /31/2022: $4,833/Month $57,996/Annually TAXES Tenant reimburses 100% of property taxes to Landlord. INSURANCE Tenant reimburses 100% of Landlord s insurance premium, and carries their own pubic liability, property damage, plate glass, and tenant improvement policies. UTILITIES Utilities paid directly to utility provider by Tenant. TENANT S OBLIGATIONS Tenant is responsible for all interior and exterior maintenance and repair, including electrical and plumbing fixtures and conduits, partitions, interior portions of outer walls, doors, door frames, sewers, drains, landscaping, HVAC, repair, maintenance and replacement to building walls, structure, and roof. LANDLORD S OBLIGATIONS Landlord is responsible for carrying property insurance and property taxes (to be reimbursed 100% by Tenant). LEASE PROVISIONS FINANCIAL REPORTING Landlord may request Tenant s most recent annual financial statement no more than once per year. ASSIGNMENT & SUBLET Tenant may not assign or sublease any portion of the Premises without Landlord s prior approval. FIT CITY 24 - ONTARIO 9

10 Construction Details WINDOWS ROOF Flat, built-up membrane. Fixed dual pane glass windows with aluminum frames. DOORS Swinging glass aluminum doors. CONSTRUCTION TYPE Steel frame. ENVIRONMENTAL TESTING HVAC 4 roof-mounted units. LANDSCAPING BUILDING EXTERIOR Split-face CMU columns with plaster sliding. FOUNDATION PARKING Total: ±33 Spaces or 9.9/1,000 SF Concrete slab on grade. A Phase I was completed by Blue Mountain Environmental Consulting in June No recognized environmental conditions (recs) were observed. The parking lot and Property border on 4th Avenue and Alameda Drive are lined with attractive, low-maintenance trees and grass. FIT CITY 24 - ONTARIO 10

11 Area Intel & Demos ABOUT ONTARIO Ontario is located approximately halfway between Portland and Salt Lake CIty. It is the closest city to the Idaho border along Interstate 84. The region s primary industry is the cultivation of russet potatoes, sugar beets, and onions. The Heinz Frozen Food Company processes locally grown potatoes, annually producing over 600,000,000 pounds of 75 different potato products and employing over 1,000 people. Ontario also has a growing retail-based economy which attracts shoppers from throughout the county and from Idaho s Payette County, particularly from the nearby cities of Payette, Fruitland, and New Plymouth. Big-box retailers Walmart and Home Depot dominate the retail sector, however, the lack of a sales tax in the state attracts relocating retailers and shoppers from Idaho communities. Ontario also attracts employees, who benefit from a minimum wage that as of 2012 was 21% higher than the one paid in Idaho. POPULATION 1-Mile 3-Miles 5-Miles ,047 18,035 26, ,957 18,429 26, ,868 18,522 27, HOUSEHOLD INCOMES 1-Mile 3-Miles 5-Miles Average $52,916 $50,075 $50,433 Median $32,040 $37,078 $38,182 Kennewick FIT CITY Miles 3 Hr 32 Min 1-MILE Ontario 3-MILES 56 Miles 1 Hr Boise 5-MILES FIT CITY 24 - ONTARIO 11

12 SEAN MACK (503) KEVIN ADATTO (503) MICHAEL HORWITZ (503) SCOTT FRANK (503) DAVID GELLNER (206) PETER DUNN (503) NATE FLIFLET (206) [ Copyright 2017 Capital Pacific LLC ] SEAN TUFTS stufts@capitalpacific.com (206)